As you know very well, climate change is both an existential threat to humanity and a massive economic opportunity for countries that move early and aggressively. When our government took office five years ago, Canada's emissions were going the wrong way. We were on track to be 12% higher in 2030 than emissions were in 2005. We developed Canada's first national climate plan in 2016, and brought forward a further-strengthened climate plan last December that provides a very detailed pathway for Canada to exceed its initial Paris Agreement target. That plan represented one of the most detailed climate plans that exists around the world, but we knew we needed to do more. Budget 2021 made significant additional investments in that regard.
In April, alongside the Prime Minister and with the United States, the United Kingdom, the European Union and Japan, we announced that Canada would commit to reducing emissions to 40% to 45% below 2005 levels by 2030, which is an increase of up to 50% from Canada's previous target. To keep all future governments accountable, we are also moving forward with a net-zero accountability act to enhance accountability and introduce five-year binding targets.
The bottom line is that these targets are not just ensuring a healthier environment. It's a plan to build a cleaner and more competitive economy for generations to come.